JEWEL CAPITAL, a boutique commercial real estate finance and advisory firm, has arranged a $3,500,000 Cashout refinance loan secured by a retail strip center located in Old City, Philadelphia, PA. With a competitive interest rate fixed at 4.75%, this 10-year loan at 61.4% LTV was straightly to pay off the existing loan. Jewel Capital successfully closed the loan within 7 weeks.
The loan was arranged by Samuel W. Li, founder & CEO of Jewel Capital. According to Mr. Li, Jewel Capital’s sweet spot as real estate advisors for commercial mortgage or development projects is $1MM to $50MM.The subject property, located in the Old City neighborhood of Philadelphia, is near the intersection between the Spring Garden Street and the N 4th Street. The property is a retail strip center building totaling 36,746 SF with a Chinese supermarket as an anchor.
Old City District includes the 22-block area bounded by Florist Street to the north, Walnut/Dock Streets to the south, 6th Street to the west and Front Street to the east. Old City is home to an incomparable set of U.S. historical assets, attracting 3.6 million visitors annually. Important culturally and economically, Old City is also home to world-class museums, theaters and art galleries. The neighborhood offers excellent hotels, a wide range of dining and nightlife establishments, independent retailers and a diverse mix of technology, media, professional and service organizations. 78% of Old City households have annual incomes over $50,000; about 60% have annual incomes over $75,000, and 45% have incomes over $100,000. More than 75% of Old City residents have at least a bachelor’s degree.76% of Old City residents are of working age (18-64). Average residential sales values are increasing: $369,940 in 2013, up nearly 5% over 2012's $352,640, according to realtor Mark Wade of Prudential Fox & Roach Real Estate. The 207,000 people who live within a five-minute drive of Old City spend more than $142 million on apparel and more than $1.8 billion on retail goods annually.
JEWEL CAPITAL is a boutique New York-based commercial real estate finance and advisory firm. By leverage our unique lender relationships developed over the years, we are able to provide our clients with tailored, best-in-class financing solutions primarily in the Greater New York metropolitan area. At Jewel Capital, we are committed to guide our clients through every step of the deal-making process, and we hope to add a “Personal Touch to Your Financing Needs.”
For more information about JEWEL CAPITAL, please contact:
Tel.: +1 (347) 535-1314 Ext.101
Fax: +1 (347) 535-1314